BankSA

BankSA savings and bank accounts

BankSA, a subsidiary of Westpac, offers bank accounts to suit personal and business customers, students and retirees.

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BankSA savings accounts, bank accounts and term deposits

Name Product Card access ATM Withdrawal Fee Fee Free Transactions p.m. Monthly account fee
BankSA Complete Freedom Account
Visa
$0
$0
$5 waivable monthly account fee.
Monthly account fee waived if you deposit at least $2,000 a month, are under 21 or if you're a student. Access ATMs overseas via Westpac's Global ATM Alliance.
BankSA Concession Account
Visa
$0
$0
An everyday account for concession card holders.
BankSA Society Cheque Account
Visa
$0
$0
Suitable for schools, charities, community and sporting groups and government agencies.
BankSA Business Cheque Account Plus
Visa
$0
$20
Prefer banking the old fashioned way? You'll appreciate the benefits of a BankSA Business Cheque Account Plus.
BankSA Freedom Business Account
Visa
$0
$10
Monthly $10 fee waived if you maintain a balance of $100,000 each month. Make tax time easier with better reporting. Separates personal and business transactions.
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Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees
BankSA Maxi Saver
0.25%
0.05%
0.2%
$0
Introductory rate of 0.25% p.a. for 3 months, reverting to a rate of 0.05% p.a. Available on the entire balance.
BankSA Incentive Saver Account
0.25%
0.15%
0.1%
$0
Earn bonus interest when each month your grow your balance by at least $50, or just $0.01 if you're under 21 years old.
BankSA Investment Cash Account
0.01%
0.01%
0%
$0
Ongoing, variable 0.01% p.a. Available on the entire balance.
BankSA DIY Super Saver
0.05%
0.05%
0%
$0
Ongoing, variable 0.05% p.a. Available on the entire balance.
BankSA Business Access Saver
0.01%
0.01%
0%
$0
Ongoing, variable 0.01% p.a. when you link to a business transaction account. Available on the entire balance.
BankSA Retirement Access
0.3%
0.3%
0%
$0
Designed for over 55's and no longer working.
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Name Product 3 Mths p.a. 4 Mths p.a. 5 Mths p.a. 6 Mths p.a. 7 Mths p.a. 12 Mths p.a. 24 Mths p.a.
BankSA Term Deposit
0.07%
0.07%
0.10%
0.15%
0.20%
0.25%
0.30%
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Name Product Card access ATM Withdrawal Fee Fee Free Transactions p.m. Monthly account fee
BankSA Complete Freedom Account
Visa
$0
$0
$5 waivable monthly account fee.
Monthly account fee waived if you deposit at least $2,000 a month, are under 21 or if you're a student. Access ATMs overseas via Westpac's Global ATM Alliance.
BankSA Concession Account
Visa
$0
$0
An everyday account for concession card holders.
BankSA Society Cheque Account
Visa
$0
$0
Suitable for schools, charities, community and sporting groups and government agencies.
BankSA Business Cheque Account Plus
Visa
$0
$20
Prefer banking the old fashioned way? You'll appreciate the benefits of a BankSA Business Cheque Account Plus.
BankSA Freedom Business Account
Visa
$0
$10
Monthly $10 fee waived if you maintain a balance of $100,000 each month. Make tax time easier with better reporting. Separates personal and business transactions.
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Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees
BankSA Maxi Saver
0.25%
0.05%
0.2%
$0
Introductory rate of 0.25% p.a. for 3 months, reverting to a rate of 0.05% p.a. Available on the entire balance.
BankSA Incentive Saver Account
0.25%
0.15%
0.1%
$0
Earn bonus interest when each month your grow your balance by at least $50, or just $0.01 if you're under 21 years old.
BankSA Investment Cash Account
0.01%
0.01%
0%
$0
Ongoing, variable 0.01% p.a. Available on the entire balance.
BankSA DIY Super Saver
0.05%
0.05%
0%
$0
Ongoing, variable 0.05% p.a. Available on the entire balance.
BankSA Business Access Saver
0.01%
0.01%
0%
$0
Ongoing, variable 0.01% p.a. when you link to a business transaction account. Available on the entire balance.
BankSA Retirement Access
0.3%
0.3%
0%
$0
Designed for over 55's and no longer working.
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Name Product 3 Mths p.a. 4 Mths p.a. 5 Mths p.a. 6 Mths p.a. 7 Mths p.a. 12 Mths p.a. 24 Mths p.a.
BankSA Term Deposit
0.07%
0.07%
0.10%
0.15%
0.20%
0.25%
0.30%
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Quick facts about BankSA

  • BankSA began operations as the Savings Bank of South Australia in 1848, and it is now the state's largest financial institution
  • BankSA has been part of the Westpac Group since 2008, along with St.George and Bank of Melbourne
  • BankSA customers have access to the Westpac Global ATM Alliance of more than 50,000 international ATMs
  • Although based in South Australia, anyone in Australia can join BankSA
  • BankSA regularly offers cash bonus deals to new customers for opening a bank account

Accounts offered by BankSA

BankSA offers a range of bank accounts to suit a variety of customers, which you can see listed in the table above. Here's a brief snapshot of a few of the bank's most popular accounts.

BankSA Complete Freedom Account

The Complete Freedom Account comes with a linked Visa debit card, giving you easy access to your money, and no monthly account keeping fee. You can access all BankSA and Westpac ATMs for free, as well as all CommBank, NAB and ANZ ATMs in Australia.

Read our full review of the BankSA Complete Freedom Account.

BankSA Incentive Saver Account

This account encourages you to save by offering a bonus interest rate every month you don't make a withdrawal and make at least one deposit. It does not charge any ongoing account keeping fees, and does not have any minimum balance requirement.

Read our full review of the BankSA Incentive Saver Account.

BankSA Term Deposit

You can open a BankSA Term Deposit and pick a length from 1 month to 5 years at a time. You'll earn a fixed interest rate for the length of the term, however you're unable to access your money until you reach the end of your term.

Read our full review of the BankSA Term Deposit.

Different ways to bank with BankSA

BankSA offers many different ways to do your banking.

BankSA bank branches

BankSA has more than 300 bank branches spread across Australia (including St.George branches). Customers can also go into one of more than 1000 Westpac branches for assistance with day-to-day banking, to deposit cash or cheques, to open or close accounts or to speak to a professional banker.

BankSA ATM network

You can use all BankSA, St.Geroge and Bank of Melbourne ATMs for free, of which there are hundreds across the country. BankSA is also part of the Westpac Group which includes around 3,000 Westpac ATMs around Australia, and 50,000 internationally as part of Westpac's Global ATM Alliance. You can also use your Australian debit cards to withdraw cash for free at CommBank, NAB and ANZ ATMs throughout Australia.

Customers can also use select St.George, Westpac and BankSA ATMs to withdraw cash without their physical debit card, thanks to the bank's cardless cash feature.

Bank@Post

If you need to deposit cash into your BankSA account, you can do this at a participating Australia Post shop using Bank@Post. It's free to deposit cash into your account this way.

BankSA Internet and mobile banking

Customers can access BankSA's Internet banking portal 24/7 to review transactions and balances, see more detailed transaction data, pay bills, transfer money between accounts and make BPAY payments. You can also view and download your statements and open new BankSA accounts.

The BankSA app is free to download, and has a 3.1 star rating in the App Store and a 3.8 star rating in the Google Play store. You can do your day-to-day digital banking using the app 24/7.

BankSA contactless payment options

BankSA offers Apple Pay, Google Pay and Samsung Pay to customers with a BankSA debit or credit card. This means you can use your phone (or any compatible device) to make contactless payments for everyday items instead of using your physical debit card. You can also add your card to your Apple Watch and pay with your watch as well as your phone.

Pros and cons of banking with BankSA

Pros

  • Variety of accounts. BankSA provides bank accounts to suit different needs, with more account options than a lot of smaller banks.
  • Branch banking. BankSA still has hundreds of branches across Australia, which may benefit you if you often do your banking in branch.
  • Part of Westpac. BankSA customers also have access to Westpac Group ATMs, which includes more than 50,000 international ATMs.
  • Cash bonus offers. BankSA regularly offers cash sign up deals when you open a new account.

Con

  • International fees. Overseas ATM fees and international transaction fees do apply to BankSA bank accounts.
  • Rates are less competitive. The interest rates on BankSA savings accounts are often lower than other accounts in the market.

How to apply for a BankSA account online

You can apply for a new BankSA account online in less than 10 minutes. Just make sure you meet the eligibility criteria and have the necessary documents handy before you start your application.

Eligibility

  • You're over 18 years old
  • You're an Australian resident for tax purposes
  • You have an Australian phone number and residential address

Documentation

  • Personal details like your name, date of birth, residential address, phone number and email address
  • ID documents such as your driver's licence, Medicare card, passport or proof-of-age card

If you haven't found what you're looking for yet, you can compare a wide range of additional savings accounts and bank accounts from other providers with Finder.

Read more on this topic

  • BankSA Retirement Access Plus

    Get peace of mind during your retirement years with a low-cost transaction account that is simple to use.

  • BankSA Society Cheque Account

    The BankSA Society Cheque Account gives non-profit organisations easy access and provides different types of fee-free transactions.

  • BankSA DIY Super Saver

    The BankSA DIY Super Saver gives you an easy way to make your Self Managed Super Funds work for you.

  • BankSA Investment Cash Account

    The Investment Cash Account provides you with an easy way to take control over your excess investment funds, using them how and when you want to maximise your earning potential.

  • BankSA Concession Account

    Take control of your fixed income with a specialised account that allows you to choose how you want to bank, without charging you any extra fees.

  • BankSA Complete Freedom Student Account

    The BankSA Complete Freedom Student Account is no longer available to new customers. This information is for existing customers only.

  • BankSA Incentive Saver Account

    With the Incentive Saver you are given plenty of reason to make a monthly deposit and leave the balance sitting tight towards your saving goal.

  • BankSA Business Access Saver Account

    When your business working capital is in a surplus, you can still put it to work earning interest with the Business Access Saver account.

  • BankSA Maxi Saver

    If you are looking for a fast way to grow your savings while still having complete access to them, then the Maxi Saver is worth considering.

  • BankSA term deposit

    Read our review about the BankSA term deposit; it could be a product worth adding to your comparison today.

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